Change In Social Insurance Fund Contributions as of 1/1/2024
Following our circular dated 29/9/2023 regarding the above subject, we wish to inform you that after the meeting of the Social Insurance Fund on 27/10/2023 and the corresponding calculation study presented, it has become apparent that the increase in the widow’s pension contribution, which stands at 0.1% and was incorporated into the 0.6% rate, does not need to be taken into account.
Therefore, the contributions of both the employer and the employee to the Social Insurance Fund will increase by 0.5% as of 1/1/2024.
Hence, the contributions will increase from the current 8.3% to 8.8% on employees’ insurable earnings as of 1/1/2024.
For further clarification or information, you can contact the Department of Labour Relations, Social Policy & Human Resources Development of Cyprus Chamber of Commerce and Industry at 22889880.